Turkey's central bank said on Thursday that it will provide an incentive for the conversion of firms' foreign exchange obtained from abroad into Turkish liras to support the "liraization" in commercial activities.
Under its Monetary Policy and Liraization Strategy for 2023, the Central Bank of the Republic of Turkiye, or CBRT, would provide firms, who sell their forex from abroad to the central bank, a FX conversion support corresponding to 2 percent of the amount converted into Turkish liras, in return for their pledge, which according to Reuters was that firms will not buy forex for a period decided by the central bank.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.